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ISLAMABAD: The Pakistan Telecommunications Authority (PTA) has granted technical approval for the merger of Telenor Pakistan and Ufone, and the Pakistan Stock Exchange (PSX) will be informed of the development on Tuesday.
Since the Pakistan Telecommunication Company Ltd (PTCL) is a listed company and Ufone is its key subsidiary, the company secretary will inform the PSX that Ufone was technically a part of PTCL.
Meanwhile, a senior PTCL official, responding to Dawn’s query, stated that no further approvals from the board were needed, as the required permissions for the takeover and merger of Telenor Pakistan had already been granted.
“Legal approvals are the next steps, and for that, an application for amalgamation will be filed in the Islamabad High Court soon,” the official added.
